Mortgage demand for home purchases has now fallen 10 out of the last 13 weeks according to the data from the Mortgage Bankers Association (MBA). This is likely due to a fallout in demand from spiking mortgage rates and the resulting affordability pressures. The average monthly mortgage payment has increased from one year ago by approximately $700/month due to almost a 4 percentage point rise in mortgage rates. The MBA’s composite index (a measure of loan applications for purchases plus refinances) is at the lowest levels in decades.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.8% for the current mortgage rates (at the time of filming this video for those with exceptional credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
*** Jason Walter, CPA (lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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